Rincon Resources Limited provided an update on its proposed exploration activities at the South-Telfer Copper-Gold Project located south of Telfer and Havieron in the Paterson Province, Western Australia. Following a process of geophysics reinterpretation and modelling by independent consultant Resource Potentials throughout 2022, drilling programs have now been proposed to test both high- priority copper-gold targets, Mammoth and Recurve. Mammoth and Recurve are both located within the Westin tenement area along the highly prospective Telfer-Westin and Hasties-Grace trends respectively.

These trends are regionally significant structural corridors known to be associated with several copper-gold deposits including the world-class Telfer Gold Mine. In consultation with Rincon's technical consultants, up to 1,000m of diamond core (DD) and 5,000m of reverse circulation (RC) drilling has been proposed to broadly test both targets for intrusive- related reef, stockwork and breccia style copper-gold mineralisation like that associated with the nearby Telfer Gold Mine and the new Havieron deposit. Seventy-six (76) holes (2,412m) from a planned 3,000m aircore drilling program to test geophysical VTEM targets (Julia, Matilda, and Defender) along the highly prospective Hasties-Grace Trend was completed early December 2022.

The program was abandoned due to inclement weather with the Defender target only partially tested. The purpose of the aircore drilling is to test for shallow geochemical dispersion at the transition between the base of weathering and partially oxidised bedrock that may represent the expression of a deeper copper-gold mineral system that may warrant further drill testing with RC or DD drilling. An anomalous result of 44m @ 0.05g/t Au & 34.5ppm Cu from 4m (including 8m @ 0.11g/t Au from 8m) was intersected in 22STAC071 at the Defender target.

22STAC071 was the last drill hole along the only completed traverse at Defender and adjacent to the regionally significant Hasties-Grace shear zone. This wide zone of low-level anomalous Cu-Au mineralisation was associated with a sequence of goethite and ankerite altered sandstones with quartz-veining and minor brecciation. The balance of the drilling program to complete testing the Defender target area will ensue in due course.

First-pass aircore drill testing of other VTEM targets throughout the project area will continue throughout the year to determine the prospectivity of these targets.